Funding arb · Price arb /

VIRTUAL

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0240%/8h= −26.3% APRpaid last 24h −0.053%

Price spread now: Hyperliquid against BloFin+0.128%7-day average +0.109% · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on BloFin Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.355%−$35 on $10k

Price spread, last 4 days (all we have)−0.010%−$1 · spread now +0.128%, 7d avg +0.109%

Together, before fees−0.364%+ Points / potential airdropHyperliquid: Season 2 · farm board−$36 on $10k · with fees, hour by hour

The price spread sits at its 7-day average of +0.109%, so right now this pair is about funding alone: −$7 a day on $10k at the current rate.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin VIRTUAL-USDT	0.7185	0.0340	pay 0.0170% / 4h	3h 34m	$802K	$950K	75x
Short	Hyperliquid VIRTUAL	0.7194	0.0100	get 0.0013% / 1h	34m 31s	$8.8M	$4.1M	5x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against BloFin. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee BloFinbpFee HyperliquidbpOrdersPrice spread, now +0.128%Rate

Funding earned: −$50.4
Price spread: +0.128% → +0.109%: $1.93
Slippage, 4 orders: no order book: not counted
Fee BloFin: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$69.47
Costs to cover: 0.210%
Break-even: never at this rate

Slippage unknown: BloFin: live order book, 62 min ago; Hyperliquid: live order book, 8 min ago. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy BloFin live order book, 62 min ago	0.70 bp	11.9 bp −$12	23.6 bp −$236	63.4 bp −$6,343	doesn't fit
Sell Hyperliquid live order book, 8 min ago	1.67 bp	doesn't fit	doesn't fit	doesn't fit	doesn't fit

VIRTUAL on 33 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Reya VIRTUALRUSDPERP	−0.0139%	1h	0.7175	−0.145%	$24	—	10x	as long as short
01 Exchange VIRTUALUSD	−0.0112%	1h	0.7175	−0.139%	$2K	$106	10x	as long as short
Lighter VIRTUAL	−0.0032%	1h	0.7184	−0.021%	$327K	$406K	5x	as long as short
Phoenix VIRTUAL	−0.0022%	1h	0.7189	+0.054%	$11K	$37K	5x	as long as short
Deribit VIRTUAL_USDC-PERPETUAL	0.0000%	1h	0.7185	0.000%	$15K	$40K	10x	as long as short
gTrade (Gains Network) VIRTUAL/USD	L +0.0007% / S −0.0005%	1h	0.7188	+0.046%	$14K	—	150x	as long as short
Injective VIRTUAL/USDC PERP	+0.0033%	1h	0.7117	−0.946%	$46	$88K	5.5x	as long as short
Orderly PERP_VIRTUAL_USDC	+0.0092%	4h	0.7183	−0.028%	$14K	$1.4M	10x	as long as short
Hyperliquid VIRTUALshort	+0.0100%	1h	0.7194	+0.128%	$8.8M	$4.1M	5x
Aster VIRTUALUSDT	+0.0100%	4h	0.7185	−0.003%	$94K	$294K	20x	as long as short

Show all 33 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Pacifica VIRTUAL	+0.0100%	1h	0.7185	0.000%	$71K	$43K	5x	as long as short
Binance VIRTUALUSDT	+0.0100%	4h	0.7180	−0.072%	$16.3M	$41.0M	75x	as long as short
Bybit VIRTUALUSDT	+0.0100%	4h	0.7179	−0.084%	$16.6M	$18.6M	50x	as long as short
OKX VIRTUAL-USDT-SWAP	+0.0100%	4h	0.7179	−0.084%	$2.9M	$10.0M	20x	as long as short
Gate VIRTUAL_USDT	+0.0100%	4h	0.7185	0.000%	$1.5M	$3.3M	75x	as long as short
MEXC VIRTUAL_USDT	+0.0100%	4h	0.7183	−0.028%	$16.5M	$4.6M	100x	as long as short
KuCoin VIRTUALUSDTM	+0.0100%	4h	0.7185	0.000%	$3.0M	$4.3M	50x	as long as short
Bitget VIRTUALUSDT	+0.0100%	4h	0.7181	−0.056%	$6.1M	$5.8M	25x	as long as short
BingX VIRTUAL-USDT	+0.0100%	4h	0.7187	+0.028%	—	$7.9M	—	as long as short
Backpack VIRTUAL_USDC_PERP	+0.0100%	1h	0.7186	+0.014%	$241K	$213K	10x	as long as short
Variational Omni VIRTUAL	+0.0100%	4h	0.7181	−0.052%	$537K	$913K	—	as long as short
edgeX VIRTUALUSDC	+0.0100%	4h	0.7193	+0.110%	$19K	$261K	10x	as long as short
GRVT VIRTUAL_USDT_Perp	+0.0100%	4h	0.7173	−0.165%	$633K	$933K	10x	as long as short
ApeX Omni VIRTUALUSDT	+0.0100%	1h	0.7198	+0.181%	$41K	$238K	50x	as long as short
Polymarket Perps VIRTUAL-USD	+0.0100%	1h	0.7180	−0.063%	$54K	$1.1M	5x	as long as short
SunX VIRTUAL-USDT	+0.0100%	4h	0.7182	−0.042%	$2K	$1.3M	20x	as long as short
SoDEX VIRTUAL-USD	+0.0100%	1h	0.7182	−0.042%	$1K	$9K	5x	as long as short
Extended VIRTUAL-USD	+0.0104%	1h	0.7175	−0.140%	$57K	$267K	10x	as long as short
Aevo VIRTUAL-PERP	+0.0104%	1h	0.7187	+0.032%	$18K	—	3x	as long as short
GMX VIRTUAL/USD [WBTC.b-USDC]	L +0.0299% / S −0.0228%	1h	0.7188	+0.047%	$30K	—	100x	as long as short
BloFin VIRTUAL-USDTlong	+0.0340%	4h	0.7185	long leg	$802K	$950K	75x
Coinbase International VIRTUAL-PERP-INTX	+0.0440%	1h	0.7205	+0.278%	$201K	$104K	50x	as long as short
Kraken Futures PF_VIRTUALUSD	+0.0486%	1h	0.7191	+0.087%	$590K	$664K	50x	as long as short